Medtronic EVP and Diabetes Operating Unit President Que Dallara will get a big raise as CEO of MiniMed. [Photo courtesy of Medtronic]
The world’s largest medical device company reported the executive compensation packages in MiniMed’s Form S1 Registration Statement, which companies must file with the Securities & Exchange Commission ahead of an initial public offering.
Medtronic has proposed an IPO to separate the business and establish it as an independent company by the end of 2026. In Medtronic’s fiscal year 2025 (which ended on April 25, 2025), the diabetes business reported revenues of approximately $2.7 billion.
Recruiting and retaining top talent — both at the executive and engineering level — is crucial in the medtech industry, but employee compensation is kept secret in most cases. Medical Design & Outsourcing tracks and analyzes these pay figures when disclosed by major device developers and manufacturers.
In the filing, Medtronic disclosed the most recent pay package for four of MiniMed’s highest-paid named executive officers. None were among the highest-paid executives when Medtronic most recently disclosed its executive pay packages in August 2025.
Those executives are set to make more as leaders of MiniMed if they hit their performance targets. For example, Medtronic EVP and Diabetes President Que Dallara would be paid at least 20% more as MiniMed’s CEO, the company said.
Medtronic also flagged issues with manufacturing of its Simplera continuous glucose monitor (CGM) in the filing, saying it expected to record a pre-tax charge between $100 million and $120 million “related to certain of our efforts to develop high-volume automated manufacturing lines for Simplera CGMs, including contract termination costs, asset write-offs, and related exit costs.”
Later in the filing, Medtronic offered more detail, saying management “approved and committed to a plan to terminate a third-party manufacturing agreement” in December 2025. The third-party manufacturer was not identified.
Medtronic’s top-paid Diabetes executives
Medtronic EVP and Diabetes Operating Unit President Que Dallara will lead MiniMed as CEO after the separation. She received nearly $8.5 million in fiscal 2025.
Dallara’s 2025 compensation included a salary of $758,269, $4.7 million in stock awards, $1.8 million in option awards and $782,595 in cash performance pay under the Medtronic Incentive Plan (MIP).
Dallara’s pay package also included $382,787 categorized as “other compensation,” including $245,000 in relocation expenses, a $67,385 business allowance, $64,470 in Medtronic Savings and Investment Plan (MSIP) contribution matches, $5,400 for security services and 532 for tax reimbursement.
Dallara’s total direct compensation is expected to come close to $10.2 million as CEO of the new company, with increased salary and target incentives reflecting the additional responsibilities of leading a public company.
Medtronic Diabetes SVP of Product Innovation and Operations Ali Dianaty [Photo courtesy of Medtronic]
Dianaty’s pay included a $574,943 salary, a $51,796 one-time merit bonus paid instead of an annual base pay increase, $1.4 million in stock awards, $25,002 in option awards and $340,481 MIP cash bonus. Dianaty also received $66,008 worth of other compensation, including $45,008 for MSIP contribution matching, an $18,000 business allowance and $3,000 in patent awards.
Dianaty’s salary and incentive targets will total more than $3.1 million at MiniMed, Medtronic said.
Medtronic VP and Diabetes Chief Human Resources Officer Gillian Chandrasena [Photo courtesy of Medtronic]
Chandrasena joined Medtronic on Feb. 10, 2025, from Reliance Worldwide Corp., so the bulk of her pay was $1.7 million in stock awards, including a new hire award and a special award “intended to replace forfeited compensation from her previous employer.”
Chandrasena also received $80,096 worth of salary, a pro-rated $34,381 MIP bonus and a $4,904 MSIP contribution matches.
Chandrasena’s salary and incentive targets will total more than $1.5 million at MiniMed, Medtronic said.
Medtronic VP and Diabetes Chief Corporate Governance and Securities Counsel Courtney Nelson Wills [Photo courtesy of Medtronic]
Her total compensation included a $442,254 salary, $441,201 in stock awards, $25,002 in option awards and a $245,461 MIP cash bonus. She also received 54,560 in other compensation, including $41,453 for MSIP contribution matches, a $13,000 business allowance, and $108 tax reimbursement.
Nelson Wills’ salary and incentive targets will total more than $1.9 million at MiniMed, Medtronic said.
Medtronic hired MiniMed CFO Chad Spooner from Bic in July 2025 and said his salary and target incentives will total $3.7 million.
MiniMed CFO Chad Spooner [Photo courtesy of Medtronic]
“The one-time new hire cash bonus and special restricted stock unit award were granted to align Medtronic’s recruiting efforts with market practices, including providing awards on terms similar to awards Mr. Spooner forfeited when leaving his former employer,” Medtronic said in the filing.
MiniMed has not yet established a compensation and talent committee to set compensation practices and packages. Medtronic said it has hired Aon to help and that Aon has identified nine companies as MiniMed peers for compensation comparison: Dexcom, Masimo, Exact Sciences, ResMed, Hologic, Tandem Diabetes Care, Insulet, Teleflex, and Intuitive Surgical.
“The post-offering peer group was selected from publicly traded companies of similar size operating in the healthcare, industrials and information technology industries, with final selection focused on direct competitors,” Medtronic said.
Medtronic severance estimates
Medtronic also offered payout figures for each leader had they been involuntarily terminated without cause or due to a change in control of the company. Medtronic calculated the payouts assuming a termination date of April 25, 2025:
Under Medtronic’s Executive Committee Severance Practices, if terminated without cause, Que Dallara would receive $2.7 million, including nearly $ 2.3 million in severance, $ 51,387 in welfare benefits and $366,470 for equity continuation.
Under Medtronic’s Executive Severance Practices, had Medtronic terminated Diantay, Chandrasena and Nelson Wills without cause, they would have respectively received $1.6 million, $1.2 million and $446,654.
If there was a change of control of Medtronic and Dallara was terminated without cause or quit with good reason (for example, compensation reductions, demotions, relocation, or excess travel), she would have received nearly $15.9 million, including $4.3 million in severance, $7.5 million in accelerated vesting of performance share units and nearly $3.4 million in accelerated vesting of restricted stock units, among other payments.
Under that same scenario, Diantay, Chandrasena and Nelson Wills would have respectively received $4.2 million, $1.8 million and $1.5 million.
More details are available in Medtronic’s MiniMed Form S-1 Registration Statement filed with the SEC.
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